Well it depends - like the DX reunions of recent years, it clearly wasnt the same (one good thing about HBK retiring, no more ridiculous DX reunions, two near 50 year old men acting like teenagers, they were old and looked bad in 1997, it wasnt any better that last few times). However, where DX was as much about the teenager antics and sorry comedy, the NWO was at its height a great, evil heel faction, like The Horsemen, The Freebirds, etc. They were more violent and more serious than DX ever was.
The first problem is why would Vince want to bring in the guys who's whole purpose in WCW was to take over the company and destroy it ? WWE was HIS COMPANY - It made sense he wanted to get rid of Flair who at the time owned half the company, but why destroy his livelihood to do it - McMahon didnt want to share control of WWE with Flair because his character never wants to share anything, he's the bully, he's not a team player. Vince's character was also very greedy, did it really make sense he'd purposely destroy his own kingdom just to spite Flair ?
Now, I think turning Hogan face was likely a last second thing, based on the positive nostalgia response he got from the live crowd in Toronto. However, I dont think Vince planned on having Scott Hall fired for his on going behavior problems (literally just a few months after returning) and of course no one knew Kevin Nash was about to embark on a decade long journey of great work in short stints undermined by constant injuries. the whole "HBK is NWO" thing was a desperate attempt to save it, but that was when HBK was not wrestling and hadnt even been a part of WWE TV in months. The injured retired guy who cant fight is joining your group and this scares me ?? Of course we know that HBK eventually was able to get back in the ring, when he joined the NWO no one knew that and of course it was greeted with a collective Who Cares ?
Having Flair turn heel and try to take over the group made even less sense. Anyone who watched any wrestling between 1997-2000 knew that Flair hated the NWO, alligning himself with group for no real reason made absolutely no sense. In fact, one of the few things that DID make sense when this started was how much Flair hated these guys and wanted them out, it was perfect use of stories we'd already seen in WCW when the whole NWO thing was gold.
Ultimately, if Vince had kept Hogan heel, Nash stayed healthy, Hall stayed out of trouble, maybe the angle would have worked. Maybe Vince realized he was wrong to trust these guys and needs Flair and Austin to get rid of them would have worked, at least it would have made a little sense. And yes, WWE did add Curt Henning to the roster, a prominent NWO guy, around this time, but he was also fired around the same time as Hall.
Scott Steiner didnt come in till much later. His failures in WWE had a lot to do with poor booking, Steiner's Big Poppa Pump Character was a classic heel, having him act like that but wrestle fellow heels did not make him popular, it made fans want to cheer for the heels he was wrestling against. Steiner brought with him a world of behavior issues also, stories of him being hard to get along with back stage are plentiful through the years, and his bitter rants against WWE since his departure just make him sound small. If the NWO had lived long enough for him to join, he'd have killed it.